Business and AI, depending on who you talk to it’s either a marriage made in heaven or a companionship doomed to trauma and drama. One thing is for sure, AI is transforming business. The fascinating thing is that it’s not just transforming business in one sector. You could imagine AI taking hold within tech easily, after all that’s where it is born from, but AI is stretching its tendrils into sectors and industries across the market. From advertising to retail, copywriting to manufacturing, AI is making itself known. And it’s here to stay.
5 Ways AI is Transforming Business
Before we investigate the specifics of how AI is transforming specific sectors, we should look to understand how AI affects business in more general terms. The changing landscape of AI and business tends to stem back to one of these 5 key features.
- Data: In business, data is power. The more you know about your consumers, the more likely you are to keep them as your customers and entice new prospects to your services. Businesses leverage data through a variety of different channels, from cookies to surveys, social media to accounts, data is everywhere and it can be complicated to analyze and handle. AI is able to look at all of these channels and not only consolidate them into actionable clusters, but look for patterns, behaviors, and potential future prospects.
- Automation: The majority of businesses are in a position where they are looking to grow. Grow their market share, grow their revenue generated, and grow their profits. Growth in a manual way takes time, and resources and has high associated costs. With AI-powered automations, the effort expended, plus the time saved is dramatically reduced. Consider car production lines, now almost exclusively manned by AI-controlled robotics.
- Personalization: You might be surprised to see personalization in a list of AI features, it’s almost oxymoronic, but AI genuinely helps with personalization. Most people receive a personalized AI service within their homes every day. With the advent of Alexa, Siri, Google Assistant, and other home AI services, we allow AI to get to know us, our movements, our habits and even create routines for us. Beyond the home, AI is able to look at our personal data and create hyper-personalized recommendations for our lifestyles and our shopping habits.
- Cost: It’s true that AI was expensive, but the emphasis should be on was. AI is becoming more and more commonplace, with a greater number of companies offering solutions, therefore the price is reducing. This makes AI not only an affordable option but often the most cost-effective. Taking the example of frontline customer service, many questions can be answered by a chatbot that might cost a fee of a couple of hundred dollars a month, versus the cost of a human’s salary.
- Cybersecurity: Avoiding the implied connection to Skynet, AI can hugely benefit in the fight to secure the online world. Fighting against computer-powered bot attacks happens on such a large scale that we genuinely need to employ AI to assist in the battle. Using AI we’re able to create even simple systems that remove potential phishing emails before they reach a user.
With the sheer volume of data accrued by businesses, understanding, interpreting, and making use of the data is a difficult if worthy task. AI is able to access the data, analyze it and return information on potential customers’ likes, dislikes, behaviors, and typical purchase routes. The fascinating element is that AI is able to not just look at a dataset and report on the past, but also make predictions on how a prospect might act in the future.
Platforms such as Google Ads no longer need to include an element of human guesswork. There are tools, such as SwiftAds, that can create entire Google Ads campaigns for you with minimal input. By simply inputting your business information, your audience, and your competitors, SwiftAds will generate unique targeting criteria, generate the actual ad copy, and then will assess performance after a number of months of testing.
A great deal has changed in the relationship between copywriting and AI. For many years, AI-generated copy read like, well, a robot had written it. Following the development of revolutionary technology where AI is more capable of natural language generation (NLG), AI copywriting is sounding more and more human.
This might sound like human copywriters are on the verge of being replaced, but for now, it seems that humans are still necessary as they are human. AI doesn’t have the necessary emotional intelligence to understand subtle nuance. What AI is brilliant at is providing frameworks for humans to optimize and develop. Consider tools such as Growthbar, alongside their AI writing tool, you’re also able to generate outlines, meta descriptions, generate topics, and more. All of which, in human hands, can then be used to create valuable, useful content.
Retail And Fashion
You might raise your eyebrows at the mention of retail and fashion in an article about AI, but AI has made serious improvements to the industry. Considering the sheer volume of customer support, logistics, and administrative tasks that take place in the industry, AI has the opportunity to massively improve things.
A key area where AI features in retail and fashion is the use of chatbots. With some major brands receiving thousands of customer messages a day, a system that can automatically reply, provide information, and even prioritize support provides a monumental time and cost saving.
Business tools themselves are beginning to play host to multiple AI features. Many marketing and sales tools now have AI-based features that offer effective research, analysis, and optimization of campaigns as they run, before they begin, and once they conclude. A major role of AI in business is the automation of simple administrative tasks, AI is able to complete these previously human-based tasks 24/7 365 days a year.
We already touched on how major manufacturing industries such as the automotive industry have been using AI to replace human workers to increase efficiency and output. When machine learning is paired with artificial intelligence algorithms can be created that are not only a step up from human output but look to continuously improve the quality and efficiency of the manufacturing process.
AI has a key place in the future of business and is already transforming it at an astonishing rate. The most interesting aspect is how AI has a part to play in such a variety of businesses, no matter the sector and no matter the size. It seems that before we know it AI will have transformed businesses as we know them forever.